EANS-News: Progress-Werk Oberkirch AG / PWO reports strong first quarter of 2011

- High growth in revenue and total output
- Operating EBIT margin rises significantly before currency effects
- 2011 forecast confirmed

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3-month report

Subtitle:
- High growth in revenue and total output
- Operating EBIT margin rises significantly before currency effects
- 2011 forecast confirmed

Oberkirch (euro adhoc) - Oberkirch, May 2, 2011 - Progress-Werk
Oberkirch AG today published its interim financial report for the
first quarter of 2011, and reports strong growth accompanied by high
operating profitability.

The revenue and total output of the PWO Group registered strong
first-quarter growth of 25.6 percent to EUR 77.1 million (previous
year: EUR 61.4 million) and of 24.2 percent to EUR 80.5 million
(previous year: EUR 64.8 million). This is mainly the result of the
continued positive sector economy, and the start-up of new series
production runs, whose ramp-up will intensify even further over the
continued course of the year.

Operating EBIT in the quarter under review increased to EUR 5.8
million before currency effects (previous year: EUR 3.8 million). The
operating EBIT margin consequently underwent a significant
improvement to 7.2 percent (previous year: 6.0 percent). Currency
losses nevertheless placed a EUR 1.3 million burden on EBIT (previous
year: EUR 0.4 million gain). These are nevertheless prospectively
temporary accounting effects resulting from higher volatilities on
currency markets, and do not reflect our sites' operating trends.
Total consolidated EBIT amounted to EUR 4.5 million in the first
quarter of 2011 (previous year: EUR 4.2 million), and EBT totalled
EUR 2.9 million (previous year: EUR 2.5 million). Due to a
temporarily high tax rate, quarterly net income remained at the
previous year's level of EUR 1.6 million, and earnings per share
stood at EUR 0.64 (previous year: EUR 0.63). The Group tax rate
should reduce over the course of the year.

The marked enhancement of Group operating profitability was achieved
particularly at the German site. Our Czech site continued to report
pleasing trends. The Canadian location is about to start major series
start-ups and ramp- ups. At the Mexico site, where we are gradually
replacing our production program with new projects, approximately
60 percent of current series production runs have been exchanged to
date, and this figure will amount to more than 80 percent by the end
of the year. In this context, major challenges have yet to be
successfully mastered in connection with the current growth
management.

The strong first quarter of 2011 has allowed us to exceed our budgets
for this three-month period. We nevertheless retain a cautious stance
regarding sector trends over the further course of the year, and
anticipate a slight weakening in the second half of the year.
Moreover, there are risks on the materials prices side, and also
regarding whether customers' new series start-ups will commence and
ramp up as planned. We are confirming our current forecast, however,
and anticipate revenue of approximately EUR 300 million for the 2011
financial year, and an EBIT margin of around 6.5 percent before
currency effects.

Progress-Werk Oberkirch AG
The Management Board

PWO company profile PWO is one of the world's leading suppliers of
advanced metal components for automobile safety and comfort. The
company has developed unique knowledge in the forming and joining of
metals over the course of its over 90-year history since it was
founded in 1919. The German location at Oberkirch today employs
around 1,200 staff members. The Group is globally represented with
further sites in China, Canada, Mexico and the Czech Republic, and
employs around 2,200 staff around the world.

PW0 is a partner to the global automotive industry for the
development and production of innovative products in the areas of
"Mechanical components for electrical and electronic applications",
"Safety components for airbags, seats and steering" and "Components
and systems for vehicle bodies and chassis".

end of announcement euro adhoc
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ots Originaltext: Progress-Werk Oberkirch AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Bernd Bartmann (CFO)
Phone: +49 7802 / 84-347
Fax: +49 7802 / 84-789
e-Mail: bernd.bartmann@progress-werk.de

Branche: Automotive Equipment
ISIN: DE0006968001
WKN: 696800
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
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München / free trade